Millennium Trust Company Updates Auto-Rollover Services

Automatic retirement account rollover solutions provider
Millennium Trust Company launched a free search tool to help individuals find
unclaimed retirement funds that may have been rolled over to a Millennium Trust IRA account from a
previous employer.

Terry Dunne, managing director of the Rollover Solutions
Group at Millennium Trust, points to Department of Labor statistics showing that
at the end of 2013, about 16 million people still had retirement assets in a
former employer’s retirement plan.

“A significant percentage of these assets may represent
missing, non-responsive participant assets,” Dunne says. “We have a comprehensive set of procedures in place to search for
missing account holders. And we’re fairly successful. We find the correct
address for roughly 90% of the individuals who are missing or non-responsive at
the time their account is rolled over to us.”

The firm’s newest online search tool “will help us to
connect with more of them. It is a simple and free method for individuals to
determine if they have an IRA account at Millennium Trust and reclaim their
retirement funds.”

More information on using the free online tool is here.
The tool requires users to enter their Social Security number, but “complete
privacy is assured,” the firm says, “and the system returns immediate results.
If individuals have any unclaimed retirement funds, they can choose to complete
online forms to either keep their account with Millennium Trust or take a
distribution.”

“It’s in everyone’s best interest—both plan sponsors and
employees—to ensure that no retirement funds go unclaimed,” Dunne
concludes. “We are pleased to provide this resource and encourage anyone
who has lost track of a retirement account at a former employer, to come to our
site and search for unclaimed funds.”